Name: Bacalhau and Bacalhau Norte (formerly Carcara)
Brand: Wood Mackenzie
SKU: 25092
Price: 3720 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Asset Report 11 July 2025

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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Bacalhau and Bacalhau Norte are a single large pre-salt accumulation located in Brazil's Santos basin. Equinor took the final investment decision in June 2021 and production is expected to start-up in 2025. Our reserves estimate for the Bacalhau discovery, including its extension into the Norte de Bacalhau block, is 2 billion barrels of oil equivalent (Bacalhau Norte contains 52% of the reserves and Bacalhau field the remaining 48%). For a full analysis, please assess Bacalhau and Bacalhau Norte models together.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Summary
    </li>

<li class="list__item-toggle">
        <a href="#db64c676-5097-4cb1-aef4-4a610b9bcc77" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="db64c676-5097-4cb1-aef4-4a610b9bcc77" aria-expanded="false">
            Key Issues
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        <ul id="db64c676-5097-4cb1-aef4-4a610b9bcc77" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Bacalhau FPSO arrives in Brazilian waters
    </li>
    <li class="push-quarter--bottom">
        Development concept and phases
    </li>
    <li class="push-quarter--bottom">
        Final investment decision (FID)
    </li>
    <li class="push-quarter--bottom">
        Challenging full-cycle economics for Bacalhau Norte
    </li>
    <li class="push-quarter--bottom">
        High-pressure reservoir presents challenges
    </li>

</ul>
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<li class="list__item-toggle font-semibold">
        History
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<li class="list__item-toggle font-semibold">
        Local content
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<li class="list__item-toggle font-semibold">
        Unitisation
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        <a href="#5c69f3ba-2efe-464a-97b7-bc9a93364b52" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="5c69f3ba-2efe-464a-97b7-bc9a93364b52" aria-expanded="false">
            Gas
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                <li class="push-quarter--bottom">
        Wells
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<li class="list__item-toggle font-semibold">
        Operating costs
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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Field Hydrocarbon Characteristics</li><li class="list__item push-quarter--bottom"></li><li class="list__item push-quarter--bottom">Reserves (2P) at 01/01/2025</li>
     </ul>
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        <ul class="list list--bullets panel-toggle" id="562b2b795a97410fabe5e1a45a55621f">
            <li class="list__item push-quarter--bottom">Production (2024-2033)</li><li class="list__item push-quarter--bottom">Production Profile - Bacalhau</li><li class="list__item push-quarter--bottom">Production Profile - Bacalhau Norte</li><li class="list__item push-quarter--bottom">Capital Costs 2020 to 2029 (US$ million)</li><li class="list__item push-quarter--bottom">Operating Costs 2025 to 2034 (US$ million)</li><li class="list__item push-quarter--bottom">Index Map</li><li class="list__item push-quarter--bottom">Detail Map</li><li class="list__item push-quarter--bottom">Current participation</li><li class="list__item push-quarter--bottom">Cash Flow (US$)</li>
                <li>15 more item(s)...</li>
        </ul>
        
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Bacalhau and Bacalhau Norte (formerly Carcara)</p>
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